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Required information [The following information applies to the questions displayed below.] On January 1, 2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $600,000 cash. At January 1, 2019, Sedona's net assets had a total carrying amount of $420,000. Equipment (eight-year remaining life) was undervalued on Sedona's financial records by $80,000. Any remaining excess fair over book value was attributed to a customer list developed by Sedona (four-year remaining life), but not recorded on its books. Phoenix applies the equity method to account for its investment in Sedona. Each year since the acquisition, Sedona has declared a $20,000 dividend. Sedona recorded net income of $70,000 in 2019 and $80,000 in 2020. Selected account balances from the two companies' individual records were as follows: Phoenix Sedona 2021 Revenues $ 498 , 000 $ 285 , 000 2021 Expenses 350, 000 195, 000 2021 Income from Sedona 55, 000 Retained earnings 12/31/21 250, 000 175, 000 hat is consolidated net income for Phoenix and Sedona for 2021? Multiple Choice O $228,000 O $148,000 O $238,000 O $203,000